Innospec Secures Land for Future Expansion at its Primary Personal Care Manufacturing Facility
July 28 2022 - 9:15AM
Innospec Inc. (NASDAQ: IOSP) today announces the purchase of land
which significantly increases the acreage available for future
expansion at its primary US personal care manufacturing facility in
North Carolina.
The majority of current capacity additions under
its previously announced $70 million Performance Chemicals organic
growth investment plan are at this same North Carolina site. Backed
by multi-year contracts, these new capacity additions have
typically been sold-out as they come online. These include
significant capacity increases for Innospec’s industry leading
sulfate and 1,4-dioxane free technologies like SCI, Iselux® and
taurates.
Bruce McDonald, President of Innospec
Performance Chemicals, said,
“We are in the early stages of a global effort
by the home and personal care industry to develop more sustainable,
natural and mild formulations without any compromise in
performance. While not required for the current $70 million
expansion program, this additional land positions Innospec to
extend its leadership in supporting our customers’ priorities over
the long-term.”
Patrick S. Williams, President and Chief
Executive Officer of Innospec, added,
“Performance Chemicals has a strong pipeline of
organic growth opportunities. This additional footprint supports
future growth not only in home and personal care, but also in our
agriculture, construction, mining and other industrial end-markets.
We are well positioned to execute our Performance Chemicals organic
growth plan.”
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 1,900 employees in 24
countries. Innospec manufactures and supplies a wide range of
specialty chemicals to markets in the Americas, Europe, the Middle
East, Africa and Asia-Pacific. The Performance Chemicals
business creates innovative technology-based solutions for our
customers in the Personal Care, Home Care, Agrochemical, Mining and
Industrial markets. The Fuel Specialties business specializes in
manufacturing and supplying fuel additives that improve fuel
efficiency, boost engine performance and reduce harmful emissions.
Oilfield Services provides specialty chemicals to all elements of
the oil and gas exploration and production industry.
Forward-Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements
other than statements of historical facts included or incorporated
herein may constitute forward-looking statements. Such
forward-looking statements include statements (covered by words
like “expects,” “estimates,” “anticipates,” “may,” “could,”
“believes,” “feels,” “plans,” “intends” or similar words or
expressions, for example) which relate to earnings, growth
potential, operating performance, events or developments that we
expect or anticipate will or may occur in the future.
Although forward-looking statements are believed by management to
be reasonable when made, they are subject to certain risks,
uncertainties and assumptions, including, the effects of the
COVID-19 pandemic, such as its duration, its unknown long-term
economic impact, measures taken by governmental authorities to
address it, the rise of variants, the effectiveness, acceptance and
distributions of COVID-19 vaccines and the effects of any
sanctions, export restrictions, supply chain disruptions or
increased economic uncertainty related to the ongoing conflict
between Russia and Ukraine and the manner in which the pandemic
and/or such conflict may precipitate or exacerbate other risks
and/or uncertainties, and our actual performance or results may
differ materially from these forward-looking statements.
Additional information regarding risks, uncertainties and
assumptions relating to Innospec and affecting our business
operations and prospects are described in Innospec’s Annual Report
on Form 10-K for the year ended December 31, 2021 and other reports
filed with the U.S. Securities and Exchange Commission. You
are urged to review our discussion of risks and uncertainties that
could cause actual results to differ from forward-looking
statements under the heading "Risk Factors” in such reports.
Innospec undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contacts:
Corbin Barnes
Innospec Inc.
+44-151-355-3611
corbin.barnes@innospecinc.com
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